Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

Username is available taken
show password

Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Accounting ll

Ch. 24 vocab

GAAP Generally accepted accounting principles. Requires that revenue and expenses be recorded in the accounting period in which revenue is earned and expenses are incurred.
Revenue earned in one fiscal period but not received until a later fiscal period. Accrued Revenue
Realization of Revenue Revenue is recorded at the time goods or services are sold.
Adequate Disclosure Financial statements contain all information necessary to understand a business's financial condition.
Interest earned but not yet received. Accrued Interest Income
FYI – Interest Receivable on Balance Sheet The interest receivable account appears in the Current Assets section of the balance sheet.
FYI – Interest Income on Income Statement The interest income account appears in the Other Revenue section of the income statement.
An entry made at the beginning of one fiscal period to reverse an adjusting entry made in the previous fiscal period. Reversing Entry
Expenses incurred in one fiscal period but not paid until a later fiscal period. Accrued Expenses
Interest incurred by not yet paid. Accrued Interest Expense
FYI – Adjusting Entry for Accrued Interest Expense on Income Statement The income statement will report all expenses for the period even though some of the expenses have not yet been paid.
FYI – Adjusting Entry for Accrued Interest Expense on Balance Sheet The balance sheet will report all liabilities, including the accrued expenses payable.
Created by: mmincy
Popular Accounting sets




Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
restart all cards